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Developer Offer

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Jan 13, 2002
Professional Status
Retired Appraiser
Received letter from a developer today.
Developer building vacation town homes - currently building six units per week - moving to twelve units per week by the end of this year - expect 400 units this year - over 1000 next year.
Wants an appraiser to do all/everything under a bulk type contract.
Offer is:
1 Appraisal on each unit in each 4 unit building within 2 working days (2 working days starting when???)
Final Inspection if necessary within 2 working days (I guess from when they order it)
$$$ Offer is:
$600 for each 4 unit building.
$200 for individual unit appraisals
Re-certification (What is that?) and Investment appraisals requiring rent schedules and operating income statements will be paid an additional $100.
There will be no charge for a Lender name change. (Have we ever truly determined if those are USPAP compliant this year or not????)
There will be no additional charge for final appraisals.
Payment will be made at the time of closing (which closing - hey, how about interest? - what if some don't sell for 2 years??? - or more!!!)

This was apparently sent to either all or most certified appraisers in the state.

I'm interested in others opinions about this letter, the legal issues, payment plans and fees. Such as, if someone from say.... Jacksonville or Tallahassee or Miami, accepting something like this in Orlando. What kind of payment plan is that?????
Re-certifications (Read USPAP - they don't exist anymore!)
No charge for a Lender name change!!!! (Doesn't sound like these are legal anymore so you'd have to do a new appraisal for free???)

From what little I've figured out, this doesn't sound at all like a win-win situation and it's not the appraiser that would be coming out ahead.

Judy Whitehead (Florida)

Senior Member
Jan 20, 2002
Professional Status
Certified Residential Appraiser
I haven't received anything like that down here. I did receive an email from a Dustin Keith offering to secure FHA review work or some such stuff.....I'll forward it to you if you wish. I didn't really read it good, but I gathered that Mr. Keith would probably not be performing this service for nada.
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